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20100401
20100430
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wait until next year. taxes are going up not just for the rich. america's second largest city on the verge of bankruptcy. los angeles is not alone. the crisis that threatens to sink cities and states. president obama's dis dream. is it a solid strategy or wishful thinking? welcome to the journal editorial report i'm stuart varney in for paul gig -- paul gigot. with april 15th fast approaching millions are if you think you are paying a lot now wait until next year. taxes are going up not just for the rich with a primer on the coming increases the "wall street journal"'s tax team. dan henninger, manny o'grady. james freeman. in washington steve moore. steve i'm going to start with you. which taxes are going up january 1st, and who pays? >> i have to confess i'm one of these procrastinators, i still haven't done my taxes yet. it is going to get worse next year. the bush tax cuts expire that means we are going to see an increase in the capital gains tax. increase in the tax on dividends perhaps doubling or tripling of that tax. also higher income tax rates next year this is going
now, wait until next year, taxes are going up not just for the rich and plus, america's second largest city on the verge of bankruptcy and los angeles is not alone. the growing public pension crisis and in the states across the country and president obama's disarmament dream, is his new nuclear doctrine a solid strategy or wishful thinking? welcome to the journal editorial report. i'm in this week for paul gigot, are you spending the weekend finishing up your taxes, if april 15th fast approaching, millions of americans are. if you think you're paying a lot now, wait until next year, taxes are going up just not for the rich. with a primer on the increases, tax dean, columnist and editor dan ettinger and assistant editor, james freeman and senior economics writer steve moore. steve, aim going to start with you. which taxes are going up january 1st and who pays them? >> well, hey, stuart i have to confess i'm a procrastinator, i haven't done my taxes yet. if you think it's worse this year, you're right, it's worse next year, the bush tax cuts expire and perhaps the dividend tax, doubling
a decision right now over whether america's is gonna say we have aç separate set of rules for large institutions. these systemically important firms, decided by a group of unelected wisemen in washington, d.c. that's the problem we have now it formalizes it and codifies it is the opposite of what americans want. >> it puts a lot of responsibility back in the hands of regulators. it -- and discretion. it want a lack of regulation that left us with all these failing banks. they were all regulated. whyç do we think this time the regulators are going to do a better job? >> paul: can this bill be toughened up enough? >> if you got rid of the fdic guarantees, got rid of the fed bailouts and worked on the resolution system to bring it a little closer to bankruptcy, understanding people are concerned bankruptcy, some think it is not appropriate for big banks. >> paul: you need some sport term liquidity. >> you have to have it codified there is some discipline there.ç fdic you don't want them having total discretion i'll help pension fund for union but won't help this other creditor, tha
't keep them inside new jersey. people have been dumping on new jersey those days are over america's governor is showing the nation, leading the nation toward governance that balances responsibilities and revenue with spending. >> paul: is the key that christie has engaged the middle class? new jersey property taxes are paid by homeowners by the middle class. not like income tax which you can at least take out some -- reduce the burdens on some middle class taxpayers relative to rich. property taxes hit at that sweet spot. has he engaged that voter base on his behalf? >> he has engaged them. but it relates to what jason was saying. he's the first governor in a long time to say clearly here's what i think the problem is. government employees and that includes teachers unions that have gotten promises from this state and from taxpayers that can't be fulfilled. >> paul: what the implications here nationally? are these lessons translatable to sacramento, albany and other failed capitals? >> their knees ought to be shaking now. behind this is the idea, especially among democratic-led ad
have to do for a living, poor america. >> i don't think gitmo has a problem like that. they may on another national security issue be able to pass this treaty that the president just signed with the russians, the strategic arms reduction treaty start. i think that the republicans do not want to be on the wrong side of a national security issue. and i must say, a lot of these republicans who did not vote. they're in drug withdrawal. they've got to vote for something, these guys have to and they're going to find a way to do it. >> i have a hypothesis, the administration knows it's not going to get most of it. what it wants to do after health care is to try to say to base voters, look, we've got the other agenda items. if you don't come out and vote these things are not going to happen in our first turn. they're trying to gin up the base and enthusiasm for what happened in virginia, new jersey and massachusettsments they could be thinking that way, but i think the republicans are saying hold tight we're going to do well in november and we'll come back with more numbers and fight th
whether having the biggest summit in america since the 1945 conference in san francisco that created the un focused on something that's a small piece of the nonproliferation puzzle. >> the issue isn't the loose nucleares, it is the new nukes. the iranians and -- this whole exercise is beside the point sunny want to stop you on pakistan. we're getting long better than we have in the past. and it's -- isn't it a good idea, given the volatility of that government, to have them into this negotiating path to control some of the plutonium? >> what we need to do is make sure pakistan does not fall into the hands of the taliban, that their nuclear establishment is serious that they have the kind of controls they need that. has to do with the strategy we are pursuing in afghanistan and the damage against the taliban in pakistan. with iran, it has everything to do with the pressure we bring to go bare on tehran that when we say it's unacceptable, it's unacceptable. >> the president of china was in town add president obama met with him and others to talk about iran. clearly in the back rooms, t
to be with you paul. >> paul: the bill mandates health care bill mandates that all individuals in america will have to buy a government sanctioned insurance policy. the states say this is unconstitutional. what's their argument? >> the argument is that this kind of a mandate that is not tied to any economic activity but imposed on people because they exist exceeds the reach of the commerce clause of the constitution broader proposition is that it would violate key element of our constitution architecture namely the federal government is the government of limited powers that states retain substantial authority and that this sovereignty system is the key way of protecting individual liberty. >> infringes fundamentally on state powers. a lot of people would say the states mandate car insurance. individuals have to buy car insurance if you want to drive. how is this mandate different? >> the difference is preis sizely states have general --be precisely states have general powers referred to as police powers. james madison the powers under the government under the constitutions are few and fi
walled in inside new jersey. the good news, paul, the people are dumping on new jersey because america's governor is now showing the nation, leading the nation toward governance that now is responsibilities and revenue and spending. >> so is the key here that christy has engaged the middle class? i mean, think about it in new jersey, property taxes are paid fundamentally by home owners by the middle class. >> sure. >> it's not like the income tax which you can at least take out some, reduce the burdens on some middle class taxpayers relative to the rich, but property taxes hit right at that sweet spot. so has he engaged that voter base on his behalf? >> he has engaged them, but i think it relates to what jason is saying, he's the first governor in a long time to say clearly, here is what i think the problem is, that problem is government employees and that includes teachers unions that have gotten promises from this state and from taxpayers that can't be fulfilled. >> all right, kim, what are the implications here nationally? are these lessons translatable to sacramento or albany, and
Search Results 0 to 8 of about 9 (some duplicates have been removed)

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